You may of heard mutterings in the real estate world about low inventory. It’s quite a real problem for buyers in certain areas at certain price points.
There’s just not that many homes to choose from and the ones that are available the good ones are many times preferring to take cash from investors rather than deal with the contingencies of third party financed offers.
In real estate their are markets within markets. Take for example the sub division where I live, Scottsdale Ranch.
Scottsdale Ranch Market Conditions
The market under $500,000 has a low inventory right now. In the past 6 months 21 homes sold under $500,000. Fully active for sale are 17 homes currently. That means under $500,000 there is only 4.8 months of supply as we approach the prime buying season.
So if you are a home seller in Scottsdale Ranch in the under $500,000 range you are in a very strong position, and if you are thinking to sell now is a very good time to list.
The $500,000 to $1,000,000 range in Scottsdale Ranch is also at about 5.2 month inventory which is still a sellers market.
However, over a million dollars in Scottsdale Ranch is a much tougher marketplace. An example of how there’s markets within markets. Right now there are 3 homes for sale in Scottsdale Ranch over $1 million, but there hasn’t been a sale recorded over a million since April 2010.
What Does This Mean For Home Sellers?
You need to analyse where your home sits in terms of the market right now. Don’t listen to any blanket assessments of the real estate market. National trends don’t apply. Even zip code analysis is far too broad.
Scottsdale Ranch has vastly different markets for a $500,000 house compared to a $1 million home. This impacts pricing strategy and expected days on the market.
Home Sellers Wanted
With inventory so low in some areas home sellers are welcomed by both agents like myself and buyers a like. I can give you a breakdown of if your home sits in a current buyers or sellers market.
If it’s still a buyers market maybe consider staying in hibernation. But if your home is in a buyers market now is a great time to list, on some homes were are even looking at multiple offers again in the first few weeks.
If you are considering selling your home this season but are undecided feel free to give me a call to discuss the market conditions in your area.